EUR/USD retreats from 1.1070, focus on German CPI

The upside momentum in the single currency is now easing a tad, dragging EUR/USD to the mid-1.1000s ahead of the European open.

EUR/USD attention to EMU, German data

The pair remains in the mid-1.1000s -where sits the key 200-day sma – and posting gains for the second session in a row after a brief test of the 1.0950 area on Wednesday, with gains so far capped around overnight peaks near 1.1070.

Ahead in the day, EMU’s Economic Sentiment during February and flash German inflation figures will be in the limelight, while another revision of Q4 GDP and Trade Balance figures will be the highlights across the pond.

EUR/USD levels to watch

The pair is now up 0.26% at 1.1053 facing the next hurdle at 1.1123 (20-day sma) ahead of 1.1220 (23.6% Fibo of December up-move) and then 1.1379 (2016 high Feb.11). On the flip side, a break below 1.0975 (55-day sma) would expose 1.0955 (low Feb.24) and finally 1.0867 (76.4% Fibo of December up-move).
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